News

The IRS has recently released data concerning unemployment insurance claims in 2008 and the data revealed that benefits were collected by nearly 3000 individuals who are considered millionaires. Of those 3000, 806 made over 2 million and 17 made over 10 million.

The IRS has the power to assess penalties in over 147 different situations. Almost every person or business suffering from an IRS problem owes the IRS even more money because of penalties. What you probably don't know is that the IRS writes-off approximately 50% of all penalties. The IRS calls the act of "writing-off" or eliminating a penalty an "abatement". The IRS does not normally volunteer any information about the likelihood to do this. You MUST ask!

If you're ever involved in a criminal trial with the IRS, your accountant may be forced to testify against you. Just imagine the sinking feeling you would have in a criminal trial if you heard an IRS lawyer say "Your honor, we would like to call the defendant's accountant to the stand".

Do you owe back taxes? If so, realize that you're not alone. Even the world's richest and most popular people owe back taxes, too. And the IRS will get their money, regardless of who you are. Just ask Jennifer Lopez.

Every month I choose a very special Client of the Month. It's my way of acknowledging good friends and saying "thanks" to those who support me and my business with referrals, word of mouth and repeat business.

On February 27, 2008, in Madison, Wis., Sabi Atteyih was sentenced to 12 months plus one day in prison, to be followed by a three year term of supervised release for income tax evasion.  On January 2, 2008, Atteyih pleaded guilty to evading his income taxes for 2002.

The IRS is the most powerful collection agency in the U.S. No other institution has the legal power to seize your property, garnish your wages, help itself to your bank account, place a tax lien on your property and/or throw you in jail...just to get you to pay a debt.

Penalties and interest add up by the day if you haven't paid the IRS what you owe them. And they add up big-time if you haven't filed at all. Every day that you put off taking care of your IRS problem only makes it worse.  Did You File and Not Pay? If you did, there's interest being compounded daily on what you owe, which is the quarterly federal short-term tax rate, plus 3%. As of this writing, the IRS is charging 4% per year.

The Internal Revenue Service recently released information that government employees on Capitol Hill owe overdue taxes worth $9.3 million, as part of the per agency IRS debt breakdown. It is not clear whether there are some Congress members guilty of not properly paying their taxes, as the agency refused to specify those involved.

The IRS can take 15% of your Social Security payments to satisfy your tax debt. Prior to 1996, there was a $750/month "off limits" amount that had to be left for the Social Security recipient.